With the increasing demand for affordable home insurance and the convenience of online shopping, Canadians are expecting more from their insurance providers. Rising interest rates, the high cost of living, and busy lifestyles all highlight the growing need for insurers who can offer the best price on home insurance, flexible customer support, and easy-to-use online platforms with self-serve features.
So while there’s no doubt that TD is a well-known player in the Canadian home, condo, and tenant insurance industry, is it right for you? That’s a decision only you can make.
In this article, you’ll learn more about TD insurance for your home, the potential pros and cons to consider, and how it’s different from an insurance broker like YouSet. That way, you can make the most informed decision and choose a provider that matches your needs and expectations.
How is YouSet different from TD?
YouSet combines the convenience of an online platform with the advantages of a licensed insurance broker, while TD is a direct-to-consumer insurer that underwrites and sells its own policies.
As such, there are key differences between YouSet and TD to consider, which you can see outlined clearly in the table below.
| YouSet | TD | |
| Type of provider | Digital insurance broker | Direct-to-consumer (D2C) insurer |
| Products | Home, tenant, condo, and car | Home, tenant, condo, car, health, life, and travel |
| Number of insurers | 18 insurers (Full list of YouSet insurers) | 1 insurer (themselves) |
| Price comparison | Side-by-side comparison, shows multiple quotes | No comparison, only shows one quote (their own) |
| Underwriting | Does not underwrite policies | Direct writer (underwrites its own policies) |
| Checkout | Online checkout or by phone | Online checkout or by phone |
| Claims | Claims handled by the insurer, additional support from YouSet, as needed | Claims handled directly by TD |
TD home insurance pros and cons
Whether you’re a homeowner, renter, or condo owner, if you’re considering TD for home insurance, then it’s important to understand what it offers and what it doesn’t. This is key to helping you determine if it aligns with what you’re looking for in a home insurance provider.
Pros
- Strong financial backing
- Extensive product offering
- Offers a single coverage limit
- Perks for bundling
Cons
- Restricted to TD products and pricing
- Online checkout might be limited
- Smaller discount for online purchases in Quebec
- Bundling savings may be limited
Strong financial backing
As part of the TD Bank Group, TD Insurance benefits from the financial stability and resources of a large and established financial institution, ensuring they can fulfill their obligations to policyholders.
Restricted to TD products and pricing
TD home insurance policies are underwritten by TD General Insurance Company in Ontario or Primmum Insurance Company elsewhere in Canada, both of which are ultimately owned by Toronto Dominion Bank. Unlike brokers, such as YouSet, which scan a network of multiple carriers to find you the best price, with TD, you’re limited to their products, prices, and discounts.
Extensive product offering
As one of the biggest names in the Canadian insurance industry, TD offers an expansive range of personal insurance products, including car, tenant, condo, life, and travel insurance.
Online checkout might be limited
TD allows you to get a quote and, for many, to purchase home insurance online. However, a fully digital checkout isn’t guaranteed, as their website states, “The ability to purchase insurance online is currently not available in all provinces.”
Offers a single coverage limit
TD home insurance allows customers to combine coverage for their home, personal belongings, and additional living expenses under a single limit. While this can eliminate the need to manage separate limits for each coverage, it’s an optional add-on and not included as a standard feature.
Smaller discount for online purchases in Quebec
TD offers a discount for those who purchase home, tenant, or condo insurance online. In most provinces, this discount is 10% for the first policy term; however, in Quebec, it is just 5%.
Perks for bundling
Customers who bundle their home and car insurance with TD enjoy complimentary Legal Assistance (personal legal advice over the phone) and Home Assistance (referrals to prequalified contractors for home repairs or renovations).
Bundling savings may be limited
Bundling home and car insurance with TD can save you money, as advertised. However, bundling with a single carrier doesn’t always offer the most savings possible. Rather, a mix-and-match approach to bundling, where products and pricing from multiple carriers are considered and combined, can help you maximize your savings and find the most cost-effective solution.
TD vs. YouSet home insurance
After getting a home insurance quote from TD, it’s wise to compare quotes from an alternative provider, such as YouSet, to see if that’s truly the best price you can get or if there’s a better deal available.
Since 2017, YouSet has been making it easier for Canadians to buy home and car insurance online. Why spend hours manually comparing quotes when our proprietary technology can do it all for you in less than 4 minutes? Not only that, but we’ll also have Canada’s top insurance providers competing for your business, ensuring you get the best price year after year. With over 300,000 users and an average online review rating of 4.9 stars, YouSet is a broker well worth considering.
Best price year-after-year
YouSet’s algorithms are designed to do one thing - find you the best price. Not just the first time you buy, either. If your price increases at renewal, we’ll alert you and even help you re-shop with another carrier.
Transparent renewals
Anytime a YouSet insurance policy comes up for renewal, our team will make sure you’re paying the best price possible for your policy. If that’s no longer working, we’ll help you re-shop another carrier for a better deal.
Mix-and-match approach to bundling
YouSet is the only digital broker in Canada that automatically compares the cost of bundling home and car insurance from a single carrier against the cost of mix-and-matching home and car carriers. Whichever option offers the maximum savings is the one we present to you.
Buy, manage, and renew your policy online
How much easier would it be if you could purchase a policy, personalize it to fit your needs, make modifications to it, and renew it, all without having to make any phone calls or wait on hold? With YouSet, you can do all that and more with our self-serve features.
Highly reviewed by Canadians
With an overall rating of 4.8 out of 5 stars on Google, the general consensus among YouSet users is that YouSet is making it easier to find affordable insurance and buy it online at the best price year after year.
We do the searching, you get the savings
